Tata Motors Passenger Vehicles Ltd · NSE:TMPV
Tata Motors Passenger Vehicles — Tata Motors — Investor Day (June 2026)
63 slides from Tata Motors Passenger Vehicles's investor day presentation, Jun 23, 2026
Slide 1: Investor Day 2026
TATA MOTORS | Better commenciat venictes | Always. Day 2026
Slide 2: Agenda
Agenda 09:15 AM 09:25 AM 09:35 AM 10:00 AM 10:20 AM 10:40 AM. 11:00 AM 11:15 AM 11:30 AM 12:01AM 12:05 AM 01:00 PM Welcome Financial Performance and Year gone by Strategy and Outlook Business Updates > Trucks Business > Buses and CV Passenger Business > SCV and Pickup Business > Digital Business Bre
Slide 3: Ramanan GV, Chief Financial Officer
Ramanan GV Chief Financial Officer, Tata Motors Limited
Slide 4: Disclaimer
Disclaimer Safe Harbour Statement Statements in this presentation describing the objectives, projections, estimates and expectations of Tata Motors Limited may be “forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially fro
Slide 5: FY26 has been our best performance yet
TATA MOTORS | Better FY26 has been our best performance yet... CoamimnciaL vetlicune: | AlWaus 428K 77,399 Cr 13.2% 27.5K Cr || %9,186 Cr || 8,682 Cr || 21,473 Cr | Units sold Revenue EBITDA Net Free Cash PBT Dividend (Wholesale) (Standalone) Margin Cash Flows (beil) payout vs. 377K in vs. 269K vs.
Slide 6: A journey of consistent delivery
and it has been a journey of consistent delivery Tasrencrcvaaie’ | Anes Revenues 7 KCr. ‘Consistent increase in scale PBT (bei) 2 KCr. and EBIT % Robust PBT (bei) in FY26 EBIT% turns double digit in FY26 EBITDA 2 KCr. and % Sharp improvement in margins. EBITDA KCr EBITDA % mPBT (bei) --EBIT % 77 66
Slide 7: Performance driven by key structural shifts
TATA MOTORS | Better commenciat venictes | Always. This performance is driven by Key structural shifts... BS Customer Value Creation 2 Financial fitness discipline 8 Revenue diversification » Supply-push offtake model » Sub-scale profitability with low " i * . ~ Pure-play cyclicality concentrated dr
Slide 8: FY26 marked a new chapter with the demerger and listing of TMCV
TATA MOTORS | Better commenciat venictes | Always. FY26 also marked a New Chapter with the Demerger & Listing of TMCV Empowers the business to pursue strategies that deliver higher growth with greater agility while reinforcing accountability Significant value unlock post DEMERGER TIMELINES demerger
Slide 9: Our corporate actions in the past year are strategic
Our corporate actions in the past year are strategic, aimed at further strengthening our position Key Actions VveEco d IVECO Acquisition — Fleet Edge” FREIGHT TIGER DIGITAL STRATEGY Status Most of the regulatory approvals in place Transaction on course for completion by Q2 FY27 AIEQU Mobility to hou
Slide 10: We made good on our commitments for 2027 ahead of targets
TATA MOTORS | Better We made good on our commitments for 2027 ahead oftargets “"™™"riiee © EBITDA Margin TARGET: Teens EBITDA% = 13.2% wre | Structural margin improvement driven by mix, cost discipline & Non-Cyclical businesses. | © Investments Spends |__ TARGET: 2-4% of Revenue ~3BGH ctrevenue With
Slide 11: Slide 11
Slide 12: Girish Wagh
GIRISH WAGH Managing Director & CEO
Slide 13: TML CV enters a new era
TML CV enters a new era First year of operations post de-merger marked new milestones FY26 was our first full year as an A} The business responded with its independent, listed company fr strongest financial performance New learnings | Renewed focus | Continued al Record PBT | Record Free cash flow |
Slide 14: CV industry is being reshaped globally, domestic demand remains strong
TATA MOTORS | Better CV industry is being reshaped globally, domestic demand — remains strong Global! CV industry going through a paradigm shift - 4 Global Megatrends Leading to : fundamental shifts > Connected cvs & Key Industry Shifts ‘Lp ADAS (Advanced Driver Value pools shifting beyond the vehic
Slide 15: Three pillars to drive next phase of value creation
Three pillars to drive next phase of value creation Vision Objectives Strategic Pillars Key Enablers TATA MOTORS | Better commenciat venicues | Always Trusted, globally recognized r with ii sustai Exceeding stakeholder & (@) Delivering superior Fostering diverse talent, customer expectations “B) fin
Slide 16: FY26: Leading in the largest revenue pool, resetting where needed
TATA MOTORS Gee FY26: Leading in the largest revenue pool, resetting Sonnac venison where needed TRUCKS cvp SCV-PU IW Revere Pool industry TE MLV Vol Market Share Defend & Extend Leadership Focused Reset HCV market share A ~S5% Market share Market share +27% ILMCV market share & ~40% FY26 volume, Yo
Slide 17: EVs set for inflection in FY27
TATA MOTORS | Better EVs set for inflection in FY27 — 01 THE INFLECTION fey) PORTFOLIO READINESS fe) OUR APPROACH FY27 marks an epoch in the Widest EV portfolio across segments How do we win EV journey HCV . EN Made In India EV Aggregates TCO Parity Charging & Financing Regulatory Support Ecosystem
Slide 18: Expanding downstream play to capture value across life cycle
TATA MOTORS | Better commenrciat venictes | Always. Expanding downstream play to capture valve across life cycle Parts & Services Smart City Mobility Digital Connected YoY growth in 2X * Channel expansion IMn+ vehicles 3X renewals Spare & service * Strategic price positioning 2X * Disciplined biddin
Slide 19: Focused growth in IB markets to counter cyclicity
Focused growth in IB markets to counter cyclicity Africa > TATA MOTORS | Better commenrciat venictes | Always. Consolidating in legacy markets despite short-term headwinds Volume ramp up with market specific solutions in high growth applications 2S &3S dealer scale up | Fit for market financing Driv
Slide 20: Synergies from IVECO acquisition will unlock new geographies and products
TATA MOTORS | Better Synergies from IVECO acquisition will unlock new geographies seinen Se OE and complementary products oD 4 c qg = 9 a c C
Slide 21: Road Ahead: Structural tailwinds coupled with manageable headwinds
Road Ahead | Structural tailwinds coupled with short term, manageable headwinds Revenue + Margin + STRUCTURAL & DURABLE (t) TAILWINDS MACRO POLICY DIGITAL GLOBAL Robust India GDP growth 6-7% GDP CAGR outlook; Road BTKM CAGR ~1%6 lower than real GDP growth Fleet electrification mandates E-Bus tenders
Slide 22: A defining first year and a clear path forward
TATA MOTORS | Better commerciat venicurs | Always A defining first year and a clear path forward A landmark first year as an independent Strengthening leadership in the core A structurally stronge! business company Ea Global scale and New engines o diversification, led IVECO synergie
Slide 23: Slide 23
Slide 24: We continue to be India's #1 Truck Player
We continue to be India’s TML Trucks in Numbers Truck Player in India Highest market share in HCV & ILMCV #1] Deepest dealer network in the country 4.5K+ Sales & service touchpoints 1 2CO+ Widest product portfolio across tonnage points (3.5T to 55T) Models a TATA MOTORS COMMERCIAL VEHICLES Better Al
Slide 25: We have delivered on our focus areas
We have delivered on our focus areas Drive profitable market share FY24 FY25 Fy26 Address whitespaces with innovative, tech led products High payload trucks 320HP range High HP mining ‘Azura Series tippers Tar Crash worth cabin meeting European Safety standards (ECER29.03) Value-added Services deliv
Slide 26: Delivered innovative tech led products
Delivered innovative tech led products Key interventions - Segment Highest Payload. Higher Profits. Faster Payback. 30-49T High Payload Trucks Higher Efficiency & Profits 6.7L 320HP Range with FE benefits AZURA: Next Gen Trucking 7-12T Truck Series > > > Value to Customers - Upto 1.8T higher payload
Slide 27: Our Approach
Our Approach Customers North Star 4 ¢ -o) < ¢ sO S Agile Lean . Digital . Skills . Culture. Safety TATA MOTORS | Better commerciat venictes | Always Build the best product, run the sharpest process, develop the finest people o> Widest Product Range with superior = lifecycle value proposition Charter
Slide 28: Strategic levers to respond to the shifts
6 strategic levers to respond to the shifts Drive Technology led products + Application duty cycle tuned products + New segments entry * SAFE trucks Customer Centric Solutions + Business value-oriented solutions + Deeper customer connects a Service Delight + Fleet care solution + Uptime excellence *
Slide 29: Scaling EV
Scaling EV Widest portfolio, purpose- Far A Trucks.EY) built platforms tse) iS E.55 S Long haul =e = a E.28 K Mining & Surface ===) movement ey E.7, E.9 & E.12 Distribution sp: TATA MOTORS COMMERCIAL VEHICLES Better Alwaus — OO” ;. Built on home grown |-MOEV 1 MoE) VA inion nae? India's 1 am Electro
Slide 30: Electrifying Business. Responsibly.
Electrifying Business. Responsibly. EV trucks operating routes Captive Chargers TATA Trucks.EY) Charging Partners Financing partners TATA MOTORS | Better commenciat venictes | Always. » Public ) Mobile Chargers Chargers Annem MiNDRA G exicom fi veittic’: ~STATIA cHeRSeezONe SIEMENS ,. TATA POWER —)
Slide 31: Driving Sustainable, Profitable Value creation
Driving Sustainable, Profitable Value creation Profitable Growth Margin led volume growth, disciplined capital allocation & a richer product mix to compound returns Customer-Centric Solutions = Connected vehicles, fleet intelligence, financi aftermarket services that lowers TCO Piel Better Always TA
Slide 32: Anand S.
ANAND S. Vice President & Business Head, CV Passenger Head, TML Smartcity Mobility Solutions
Slide 33: Another memorable year for CV Passenger Business
TATA MOTORS | Better commenciat venictes | Always Another memorable year for CV Passenger Business Winger Plus H2F25 HIF26 -H2FY26 People mover of the Year 1 Millionth vehicle rollout 150,000 Bus body rollout Bus A | Winger A | Magic A + Significant milestones & recognitions validate the strategic b
Slide 34: TML CV Passenger Business Overview
TATA MOTORS COMMERCIAL VEHICLES TML CV Passenger Business Overview Among the fastest growing market globally backed by strong passenger movement, rapid electrification & STU demand Fastest growing in CV in last 4 years India leading Global bus growth Volume CAGR @16% ‘Volume —pvems cos Ms Vohan tiv
Slide 35: Strategic Initiatives: Core growth driving engine
Strategic Initiatives: Core growth Griving engine Brciece Swabhimaan: Magic Retail Growth ait S&S Magic retail doubled in last 3 years Product charter a a © FY25 FY26 FY24 Product quality improvement Project Phoenix: MCV Pvt Bus Market Growth FY24 FY25 FY 26 MS growth continues (3% up wrt LY) Projec
Slide 36: Structural Macro Drivers will ensure Sustained Demand Growth
Structural Macro Drivers will ensure Sustained Demand Growth —— Passenger KM growth! 25000 Billion Passenger KM 20.000 - 15,000 ae 10,000 a Se = ver pote canto 2010 2018 2020 2025 2080 2085 2040 2045 2050 2085 2060 2065 2070 BPKM to grow 1.SX by 2030 Electrification* = EV bussales (00's) — EVbus Pen
Slide 37: Accelerating Growth Through Technology & Capability Building
TATA MOTORS | Better commenciat venictes | Always Accelerating Growth Through Technology & Capability Building Drive sustainable growth through next-generation innovation and technology Technology Accelerate In-House Drive Platform & Architecture OI Technology Development Convergence Next-Gen Modula
Slide 38: Strengthening competitive leadership: Segment wise approach
TATA MOTORS COMMERCIAL VEHICLES Strengthening competitive leadership : Seqment wise approach Focus Area Vans ILCV Bus EV Buses MCV Bus : STU MCV Intercity Customer Experience Key Drivers New market identification Growth in school enrolment Financing scheme for private market GCC* for Urban buses STU
Slide 39: Electrification: From cities to cities across applications
TATA MOTORS | Better commenciat venictes | Always ELECTRIFICATION From 10 cities to 23 cities across applications = Staff/Urban: Ultra 9/9 EV Staff: Ultra 9/7 EV ‘School: Ultra 9/9 EV Key growth enablers + Tender Business: Strengthen consortium-led tender participation strategy + Private Business: C
Slide 40: TML Smart City Mobility Solutions Ltd
TATA MOTORS | Better commenciat venictes | Always TML Smart City Mobility Solutions Ltd
Slide 41: Experience of deploying over 3800 EV buses
TATA MOTORS | Better commenciat venictes | Always Experience and kKnowledcge of deploying over 3800 EV buses with S3 Cr Kms coverage Over SS crore e-bus kilometers clocked since inception 1.8 crore kilometers added each month in FY 26 EV Bus Sales (cumulative’) 4x 3632 3812 rs ™ | | — FY23 FY24 FY25
Slide 42: Unlocking scalable and capital efficient growth in EV GCC market
Berbtenesevztee | Ane Unlocking scalable and capital efficient growth in EV GCC market Focusing on PSM and credit backed STUs Consortium led bidding * Reduced payment delays better financing comfort + Reduced equity requirement (minority stake) + Brings in strong investor confidence * Risk allocated
Slide 43: Pinaki Haldar
PINAKI HALDAR Vice President & Business Head, SCVPU Tata Motors Limited
Slide 44: FY26: Start of Turnaround
Better FY26 : Start of Turnaround TATA MOTORS | Aivaue 26.8% FY26 SCV-PU Vahan share Full year under pressure; exited FY26 at ~27.2% 29% Alternate-fuel salience Ahead of industry at ~19%; leadership extended v 9 +8.2% Iw FY26 volume growth (YoY) Growth from Q2 FY26, all segments contributing +43% &
Slide 45: FY26: Volume & Shares
FY26 : Volume & Shares Biante | Avo commenciat venictes | Always. 29.0% 26.8% FY26 SCV-PU Vahan share NV, Full year under pressure; exited FY26 at ~27.2% 27.9% 27.2% ‘ Vahan MS% 35.3% TMCV volume growth Industry volume growth +8.2% Iw FY26 volume growth (YoY) Growth from Q2 FY26, all segments contri
Slide 46: FY26: Alternate Fuel & 360° Ecosystem
FY2E: Alternate Fuel & 360° Ecosystem 0, Alternate fuel 29 % salience » continues to ‘outpace Industry in Alternate Fuel (CNG, EV) Alternate-fuel salience Ahead of industry at ~19%; leadership extended » + Service Reach +43% & +26% ee + Channel Manpower Service Network & Dealer FOS ‘Structural fixes
Slide 47: Structural Tailwinds: Consumption, last-mile, and electrification
TATA MOTORS | Better Structural Tailwinds: Consumption, last-mile, ANd ElEctrifiCAtiON mrs wwe: | Aways GDP-led consumption Domestic consumption growth of ~6-7% underpins SCV-PU demand Mid-to-last-mile logistics E-commerce and organized logistics drive last-mile mobility Shift to EVs EV penetration
Slide 48: FY27 Strategic Priorities
TATA MOTORS | Better FY27 Strategic Priorities Sona ater cie | Ala en gleams o-oo eee a &8 Strengthen @ Customer Value & Lead Sunrise Core Proposition Segments & Product Leadership Fail Operational &xcellence A €V Leadership + SCV: 4 Launches * Service & CX Focus + Range Expansion + PU:5 Launches *
Slide 49: Swaminathan TV
SWAMINATHAN TV + Head, Digital Business * Commercial Vehicles
Slide 50: Last year we made a promise. Here's what we delivered
TATA MOTORS | Better commenciat venictes | Always. Last year we made a promise. Here's what we delivered / What we saidinFY’'2S » Scale Fleet Edge with engagement and retention Mileage Saarathi monetization Freight Tiger TMS scale + carrier matching Build toward integrated ecosystem Effective moneti
Slide 51: Logistics tech just crossed an inflection. The moat has moved
TATA MOTORS | Better commenciat venicues | Always Logistics tech just crossed an inflection. The moat has moved ly deployed across the fleet, capturing lata at source; a pure SaaS player | Data is the moat - and it »> compounds End-to-end visibility consolidated >> into platforms a + Each shift inde
Slide 52: We occupy a structural position no one else does
TATA MOTORS | Better We occupy a structural position no one else does commenciat venictes | Always Factory-grade * OEM CAPTIVE - integration DAIMLER TRUCK canmect VOLVO CONNECT | EZ... E _. NICHE / FRAGMENTED - — @samsara GEOTAB. Motive <> Fourxives Sater heal only players vette Tp Anan ~+ PURE SaaS
Slide 53: FY26 was about products. FY27 is about the platform
TATA MOTORS | Better commenciat venictes | Always. FY26 was about products. FY27 is about the platform \ / FY26— WHAT WE PROVED « FY27— WHAT COMPOUNDS + d BEYOND FY27 \ 2 strong products that scaled independently Fleet Edge - Market leading FMS price r of INR 1,292 per vehicle p.a. improves every pr
Slide 54: Fleet Edge: from visibility to AI-driven vehicle intelligence
TATA MOTORS | Better commenciat venictes | Always Fleet Edge: from visibility to Al-driven vehicle intelligence ~427K ~266 mins UA. 49% 1S%+ Customers onboarded Monthly engagement geal Revenue growth Renewal improvement (Mar '26) (Mar '26) YoY YoY What's new in FY26 - WZ" Mileage Sarathi monetized a
Slide 55: Freight Tiger: from TMS to autonomous freight orchestration
TATA MOTORS | Better commenciat venictes | Always Freight Tiger: f-om TMS to autonomous freight orchestration @ ~5% of india BTKM ~10 Mn 5 Tracked on Trips Freight Tiger tracked annually What's new in FYe6 - 8 Port Truck Load, Planning, Procurement modules at production scale ~15% ~15% trips growth
Slide 56: The integrated flywheel: where 1+1=3
TATA MOTORS | Better The integrated flywheel: where 1+1=3 VEHICLE DATA IMI eer Vehicles Fleet Edge® aw TRIP DATA Value added ae 1 Es senices share of BICER India BTKM eer Sie] Data/sDv Fuel, uptime, safety “= unlocks _———- Every km driven on the platform makes every product on it smarter
Slide 57: Building AI-native, from the ground up
TATA MOTORS | Better commenciat venictes | Always Building Al-native, from the ground up ——- Large platforms and start-ups bolted Al onto SaaS architectures designed before agents existed. -——— isa) Tool-use, not dashboards Agents, not features Dispatch, exception handling, predictive maintenance, d
Slide 58: The long-term ambition
TATA MOTORS | Better commenciat venictes | Always The long-term ambition In the next 5 years, we will be the world's first OE-agnostic, Al-native logistics operating system. METRIC FY'26 BASE Se) Vehicles on platform ~1Mn Revenue trajecto: Early scale Compounding multi-fold mes jectory ly pounding a
Slide 59: Logistics tech is at an inflection
@ 1) (B) 3) Logistics tech is at an inflection. The category is consolidating around platforms. > We build on a supply network of vehicles, anchored in India, ready to go beyond. TATA MOTORS | Better commenciat venictes | Always OE-agnostic reach, integrated truck + trip, Al-native — are uniquely co
Slide 60: Ramanan GV, Chief Financial Officer
Ramanan GV Chief Financial Officer, Tata Motors Limited
Slide 61: 2028 Outlook: Focus on profitable growth agenda
TATA MOTORS | Better commenciat venictes | Always 2028 Outlook: Focus on profitable growth agenda Market Share 40% Domestic CV (VAHAN-baseq) Free Cash Flow 27-93% of Revenue (post-tax) continues EBITDA Margin Double diait through the cycle Teens through upcycle ROCE 30-35% Post lveco Investment Spen
Slide 62: We enter FY27 well positioned for profitable and sustainable growth
We enter FY27 well positioned for profitable and sustainable growth Proven Transformation 4 years of disciplined execution * EBITDA expanded from 7.8% to 13.2% + FCF turned structurally Positive to ~12% of revenue * ROCE scaled to industry-leading levels at ~T2% TATA MOTORS | Better commenrciat veni
Slide 63: Thank You
commenciat venictes | Always THANK YOU